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亚太资源(01104) - 2023 - 年度业绩
2023-09-26 14:55
Financial Performance - Total revenue for the year ending June 30, 2023, was HKD 431,937,000, an increase from HKD 348,678,000 in the previous year, representing a growth of approximately 24%[71] - The company reported a loss before tax of HKD 355,841,000 for the year ending June 30, 2023, compared to a loss of HKD 446,061,000 in the previous year, indicating an improvement of about 20%[71] - The net loss for the year was HKD 328,507,000, a decrease from HKD 465,994,000 in the previous year, reflecting a reduction of approximately 30%[71] - Basic and diluted loss per share for the year was HKD 24.46, an improvement from HKD 36.95 in the previous year[71] - Total comprehensive loss for the year was HKD 383,151,000, down from HKD 612,820,000 in the prior year, indicating a reduction of 37.5%[73] - The company reported a consolidated loss before tax of HKD 355,841,000 for the period[99] - The company reported a net loss attributable to shareholders of HKD 318,547,000 for the fiscal year ending June 30, 2023, compared to a net loss of HKD 465,994,000 for the previous fiscal year[142] Asset and Liability Management - Total assets decreased from HKD 4,471,917,000 in 2022 to HKD 3,902,190,000 in 2023, representing a decline of 12.8%[1] - Non-current assets decreased from HKD 2,386,729,000 in 2022 to HKD 2,025,899,000 in 2023, a reduction of 15.1%[1] - Current assets decreased from HKD 2,085,188,000 in 2022 to HKD 1,876,291,000 in 2023, reflecting a decrease of 10.0%[1] - The company's total assets less total liabilities amounted to HKD 3,585,288,000 as of June 30, 2023, down from HKD 4,050,231,000 in the previous year[66] - The company's equity attributable to owners decreased to HKD 3,545,239,000 from HKD 4,050,231,000, representing a decline of approximately 12%[66] - The group holds securities with a fair value of HKD 256,100,000 as collateral for bank financing, down from HKD 491,157,000 in the previous year[38] - The company's total liabilities for trade and other payables amounted to HKD 113,305,000, an increase from HKD 99,173,000 in the previous year[140] Investment and Segment Performance - The company recorded a net fair value loss of HKD 742,000 in the base metals segment, with copper prices down 0.4%, nickel down 13%, and zinc down 27%[26] - The energy segment generated a net fair value gain of HKD 8,206,000, with significant investments in National Atomic Company Kazatomprom JSC yielding a fair value gain of HKD 1,062,000[28] - Precious metals recorded a net fair value income of HKD 98,194,000, with Northern Star contributing HKD 45,544,000 to this figure[23] - The major investment and financial services segment reported a loss of HKD 17,635,000, compared to a profit of HKD 32,466,000 in the previous year[31] - The company's commodity business recorded a segment profit of HKD 3,470,000, down from HKD 53,649,000 in the previous fiscal year[30] - The segment performance showed a profit of HKD 78,636,000 from resource investments, while the financial services segment reported a loss of HKD 17,635,000, resulting in a total segment profit of HKD 58,955,000[99] Cash Flow and Liquidity - The company’s cash holdings averaged 30% throughout the year, reflecting a cautious approach due to a declining macroeconomic outlook[20] - The current ratio improved to 6.1 times as of June 30, 2023, up from 5.2 times on June 30, 2022, indicating better liquidity management[35] - The group faced a significant increase in employee count from 15 to 28 due to the acquisition of Prodigy Gold as a subsidiary since October 2022[39] Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the year ending June 30, 2023, consistent with the previous year's final dividend[56] - The total dividend declared for the year was HKD 130,249,000, down from HKD 260,425,000 in the previous year[128] - The company plans to implement a scrip dividend scheme, subject to approval from the Stock Exchange of Hong Kong[58] Economic Outlook and Strategic Plans - The company anticipates potential economic stimulus plans in China to support commodity development despite current consumer confidence issues[55] - The group will continue to seek investment opportunities to maximize shareholder value while regularly reviewing its investment strategies in response to market conditions[54] - The company plans to closely monitor foreign exchange risks, particularly as its assets are primarily denominated in AUD while liabilities are in USD and HKD[36] Impairment and Fair Value Adjustments - The company recognized a loss of HKD 276,851,000 from impairment of interests in associates[99] - The company recognized significant non-cash impairment losses of HKD 267,769,000 related to its investment in Mount Gibson[142] - The company recorded a fair value loss of HKD 129,409,000 in the precious commodities segment, with a carrying amount of HKD 324,588,000 as of June 30, 2023, down from HKD 552,081,000 a year earlier[79] - The company recognized a fair value loss of HKD 37,668,000 on trade receivables[126] - The impairment loss on interests in associates was HKD 742,220,000, compared to HKD 465,369,000 in the previous year[133] Market and Trading Performance - The company reported a significant increase in revenue from commodity trading, with iron ore sales reaching HKD 407,776,000, up from HKD 315,355,000[91] - Revenue from external customers in China reached HKD 427,519,000, a significant increase from the previous year[116] - The average Platts IODEX 62% CFR China index price for iron ore was USD 103 per dry ton in fiscal year 2023, with fluctuations between USD 73 and USD 127 during the year[147]
亚太资源(01104) - 2023 - 中期财报
2023-03-17 08:53
Financial Performance - For the six months ended December 31, 2022, the company reported a net loss attributable to shareholders of HK$43,424,000, a significant improvement compared to a net loss of HK$275,329,000 for the same period in 2021[23]. - The loss in 1H FY2023 was primarily driven by a HK$152,007,000 impairment loss on the company's interest in Mount Gibson Iron Limited[23]. - The net attributable profit from primary strategic investments was HK$2,057,000 in 1H FY2023, compared to a net loss of HK$105,467,000 in 1H FY2022[24]. - The company reported a loss for the period of HK$43,424, compared to a loss of HK$32,473 in the previous year, indicating an increase in losses of approximately 33.5%[199]. - The total comprehensive expense for the period was HK$329,605, compared to HK$54,276 in the previous year, reflecting an increase of approximately 507.5%[195]. - The company’s accumulated profits decreased to HK$2,301,972 from HK$2,666,310, a decline of approximately 13.7%[195]. Segment Performance - The Resource Investment division generated a segment profit of HK$114,919,000, contributing to an underlying segment profit of HK$102,324,000 for the group[23]. - The Commodity Business generated a segment profit of HK$6,993,000, a decrease of 86.1% compared to HK$50,192,000 in 1H FY2022[104]. - The Principal Investment and Financial Services segment reported a loss of HK$15,957,000 in 1H FY2023, compared to a profit of HK$24,843,000 in 1H FY2022[105]. - The Precious Metals segment generated a net fair value profit of HK$35,331,000 in 1H FY2023, with a carrying value of HK$376,387,000 as of 31 December 2022[125]. Investment Strategy - The company remains cautious for 2023 due to the risk of further interest rate hikes as inflation remains high[21]. - The company is focusing on low carbon industries, including electric vehicles, battery metals, and renewable energy, as these are expected to be enduring growth sectors[21]. - The company has not declared a dividend at this interim stage due to current uncertainties in the global outlook[21]. - The company is closely monitoring the reopening of China, which may support certain "old economy" commodities[21]. - The company anticipates that measures to support the economy, such as new infrastructure projects, could bolster near-term commodity prices[16]. - The group plans to continue a prudent investment approach, focusing on high-quality investment opportunities that can generate substantial long-term returns[188]. Market Conditions - The company has faced challenges due to global economic conditions, including interest rate hikes by the US Federal Reserve and their impact on equity valuations[40]. - The ongoing Russia-Ukraine conflict continues to create uncertainty in energy exports, affecting market conditions[41]. - Chinese steel demand has been relatively muted, impacting the restocking desire of steel mills despite low coking coal inventories[86]. - Demand for tin remains strong, driven by the semiconductor and solar PV industries, with prices rebounding to US$27,500 per tonne[68]. Asset Management - The company's strategic investments in Metals X and Shougang Fushan represented significant portions of total assets, with Metals X valued at HK$365,120,000 (8.4% of total assets) and Shougang Fushan at HK$312,844,000 (7.2% of total assets) as of December 31, 2022[64][60]. - Shougang Fushan experienced a fair value loss of HK$88,783,000, while Metals X generated an unrealised gain of HK$39,671,000 in 1H FY2023[60][64]. - The company’s investments in financial assets at fair value through profit or loss primarily include holdings in Metals X and Resource Investment, with both investments constituting over 5% of total assets[31]. - As of 31 December 2022, the Group's non-current assets amounted to HK$2,254,614,000, down from HK$2,386,729,000 as of 30 June 2022[110]. Cash Flow and Liquidity - Net cash generated from investing activities was HK$167,419, a significant increase from HK$16,641 in the prior period, representing a growth of approximately 906.5%[199]. - Interest received decreased to HK$11,737 from HK$21,656, reflecting a decline of approximately 45.9%[199]. - The group had outstanding warrants of 160,187,175 units that lapsed after October 6, 2022, with a total of HK$100,310,000 raised from exercised warrants used for investments in the natural resources sector[172]. - The group maintained a gearing ratio of nil as of December 31, 2022, consistent with the previous year[135]. Future Outlook - The company is focused on increasing productivity at the Koolan Island mine, which is expected to generate strong free cash flow in the future[188]. - The group is cautiously optimistic about the outlook for commodities in 2023, anticipating potential stimulus measures in China following a challenging 2022[184]. - The group will regularly review its investment strategy to mitigate risks associated with market sentiment and economic conditions[183].
亚太资源(01104) - 2023 Q2 - 季度业绩
2023-02-27 14:23
Financial Performance - The Major Investment and Financial Services segment recorded a loss of HKD 15,957,000 in the first half of the fiscal year 2023, compared to a profit of HKD 24,843,000 in the same period of fiscal year 2022[1]. - The total revenue from external customers for the six months ended December 31, 2022, was HKD 108,933,000, an increase from HKD 82,917,000 for the same period in the previous year[14]. - The loss before tax for the period was HKD 54,887,000, a reduction from a loss of HKD 265,980,000 in the previous year, indicating improved financial performance[54]. - The total comprehensive loss for the period was HKD 74,729,000, compared to HKD 329,605,000 in the prior year, reflecting a substantial decrease in losses[60]. - For the six months ended December 31, 2022, the company reported a net loss attributable to shareholders of HKD 43,424,000, compared to a net loss of HKD 275,329,000 for the same period in 2021[108]. Assets and Liabilities - As of December 31, 2022, the Group's non-current assets were valued at HKD 2,254,614,000, down from HKD 2,386,729,000 as of June 30, 2022[3]. - The company's total assets as of December 31, 2022, were HKD 4,365,848,000, down from HKD 4,471,917,000 as of June 30, 2022[65]. - The group’s total liabilities were HKD 472,263,000 as of December 31, 2022[130]. - The Group's borrowings (excluding lease liabilities) as of December 31, 2022, were HKD 226,814,000, down from HKD 289,617,000 as of June 30, 2022[4]. Revenue and Sales - The Group's revenue from external customers in China for the six months ended December 31, 2022, was HKD 107,978,000, compared to HKD 71,914,000 for the same period in the previous year[14]. - The group reported customer contract revenue from commodity trading (iron ore) of HKD 98,260,000 for the six months ended December 31, 2022, compared to HKD 61,835,000 in the same period of 2021, representing a growth of 58.8%[75]. - The total amount from the sale of resource investments was HKD 1,872,906,000[30]. Impairment and Provisions - The Group made an impairment provision of approximately HKD 8,676,000 for receivables during the first half of fiscal year 2023, compared to a reversal of impairment loss of HKD 404,000 in the same period of fiscal year 2022[2]. - The impairment loss on interests in associates was HKD 166,477,000, a notable decrease from HKD 759,867,000 in the prior period, suggesting better asset management[54]. - The company recognized impairment losses of HKD 152,007,000 for Mount Gibson Iron Limited (MGX) during the reporting period, compared to HKD 752,976,000 in the previous period[99]. Employee and Compensation - The total compensation and retirement contributions for the first half of fiscal year 2023 amounted to HKD 12,835,000, a decrease from HKD 22,161,000 in the same period of fiscal year 2022[7]. - The Group had 23 employees as of December 31, 2022, an increase from 15 employees as of June 30, 2022, primarily due to the addition of Prodigy Gold as a subsidiary[7]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.10 per share for the year ending June 30, 2022, totaling approximately HKD 130,248,552, paid on February 20, 2023[44]. - The company declared a final dividend of HKD 0.10 per share, totaling HKD 130,249,000, down from HKD 260,425,000 in the previous year[91]. Market and Economic Outlook - The company remains cautiously optimistic about the commodity outlook for 2023, as China is in the early stages of economic recovery after a challenging 2022[47]. - The board believes that capital investment performance will depend on market conditions influenced by commodity prices, interest rate changes, geopolitical situations, and macroeconomic performance[46]. - The company is concerned that the U.S. Federal Reserve may maintain high interest rates longer than the market expects, potentially leading to overall economic weakness[47]. Investments and Strategic Focus - The company plans to continue a prudent investment strategy while seeking quality investment opportunities that can generate substantial long-term returns[48]. - The company is focusing on increasing production capacity at the Koolan Island mine, which is expected to generate strong free cash flow in the coming years[48]. - The group continues to seek new acquisition opportunities in its commodity business following the restart of operations at Koolan Island[84]. Foreign Exchange and Financial Instruments - The company reported a foreign exchange loss of HKD 30,025,000 in the current period, compared to a gain of HKD 2,855,000 in the previous year[15]. - The group’s financial assets are primarily denominated in AUD, with liabilities mainly in AUD, USD, and HKD, indicating exposure to foreign exchange risks[87]. Environmental and Governance - The company has recognized a total environmental provision of approximately HKD 12,449,000 related to environmental guarantees[36]. - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations[49].
亚太资源(01104) - 2022 - 年度财报
2022-10-26 08:41
Financial Performance - The company reported a consolidated profit of HKD 257,687,000 for the year ending June 30, 2022, primarily driven by strong performance in the resource investment segment, which contributed HKD 171,572,000 to the profit[16]. - For the fiscal year ending June 30, 2022, the company reported a loss attributable to shareholders of HKD 465,994,000, compared to a profit of HKD 1,357,290,000 for the previous fiscal year[18]. - The company's major strategic investments in Mount Gibson and Tanami Gold resulted in a net loss of HKD 340,418,000 for the fiscal year 2022, down from a profit of HKD 130,374,000 in the previous year[19]. - The company recorded a fair value gain of HKD 114,142,000 from its investment in Shougang Fushan, with a book value of HKD 379,705,000 as of June 30, 2022[33]. - The company recorded a fair value gain of HKD 21.14 million from other commodities and non-commodity-related investments[57]. - The commodity business generated a segment profit of HKD 53.65 million for the fiscal year 2022, compared to HKD 55.91 million in the previous fiscal year[58]. - The major investments and financial services segment reported a profit of HKD 32.47 million, down from HKD 50.20 million in the previous fiscal year[59]. Market Outlook - The company maintains a cautious outlook on the economic environment due to expectations of further interest rate hikes and tightening monetary policy, while specific commodities like battery metals and electric vehicles present growth opportunities[16]. - The company acknowledges the impact of geopolitical risks and external uncertainties on commodity markets, which have increased volatility[11]. - The company expresses a cautious stance on China's economic outlook due to ongoing "zero-COVID" policies and their effects on economic development and commodity demand[12]. - The company recognizes the potential for a bull market contingent on China's reopening and increased government stimulus measures[12]. - The company maintains a cautious outlook on commodities and stock markets due to ongoing monetary tightening policies by the Federal Reserve and China's dynamic zero-COVID policy, which may lead to global growth weakness[89]. Investments and Acquisitions - The company issued a total of 243,778,782 warrants to eligible shareholders, with 83,236,235 warrants exercised by June 30, 2022, raising approximately HKD 99,883,000 for investments in the natural resources sector[72]. - The acquisition of Allied Properties Resources Limited was completed on August 13, 2021, for approximately HKD 102,582,000, gaining a 25.83% stake in Dragon Resources, which operates mining and processing facilities in Finland and Sweden[74]. - On March 18, 2022, the company completed the acquisition of Baoyun Limited for HKD 75,000,000, acquiring a 45% stake in Huaneng Shouguang Wind Power Co., Ltd., which focuses on wind power generation[75]. - The company holds approximately 19.83% of Prodigy Gold NL and plans to participate in a rights issue to raise up to AUD 11,650,000, with a potential subscription of approximately AUD 2,310,000[84]. Financial Position - As of June 30, 2022, the group's non-current assets were valued at HKD 2.39 billion, while current assets net value was HKD 1.69 billion[61]. - The group had borrowings of HKD 289.62 million as of June 30, 2022, compared to zero in the previous year[62]. - The company reported no significant capital commitments as of June 30, 2022, indicating a stable financial position[76]. - The fair value of investments in Mount Gibson and Metals X decreased to HKD 956,057,000 and HKD 246,730,000 respectively, due to stock price declines and currency depreciation[83]. Shareholder Returns - The company plans to distribute a final dividend of HKD 0.10 per share for the year, with a commitment to reassess its dividend policy based on economic forecasts[17]. - The proposed final dividend for the year ending June 30, 2022, is HKD 0.10 per share, consistent with the previous year's final and special dividends[115]. - As of June 30, 2022, the distributable reserves available for shareholders amount to HKD 892,656,000, a decrease from HKD 1,266,534,000 in the previous year[129]. Governance and Management - The company has a strong management team with extensive experience in finance and investment[104]. - The CFO has over 32 years of experience in finance and accounting within international enterprises and Hong Kong listed companies[104]. - The company has independent non-executive directors with significant backgrounds in banking and corporate finance[98][101]. - The company has established a strong governance structure with members from various financial and accounting associations[101][102]. - The independent directors have served on multiple listed companies, enhancing the company's credibility[98][101]. Risk Management - The company continues to monitor the impact of the COVID-19 pandemic on its financial position and operations, with no significant adverse effects reported for the fiscal year 2022[78]. - The company has implemented various measures to minimize risks associated with COVID-19 while ensuring business continuity[81]. - The board report includes a business review covering key risks and uncertainties faced by the group[119]. Compliance and Regulations - The company emphasizes compliance with applicable laws and regulations governing its business operations, including the Securities Listing Rules[124]. - The company has not entered into any equity-linked agreements during the year that would result in the issuance of shares[128]. - The company maintains sufficient public float as per the listing rules, ensuring compliance with regulatory requirements[191].
亚太资源(01104) - 2022 Q4 - 年度业绩
2022-09-27 14:41
Financial Performance - Total revenue for the year ended June 30, 2022, was HKD 348,678,000, a decrease of 38.3% from HKD 564,600,000 in 2021[3] - The company reported a loss attributable to owners of HKD 465,994,000 for the year, compared to a profit of HKD 1,357,290,000 in the previous year[6] - Basic and diluted loss per share was HKD 36.95, down from earnings of HKD 111.35 per share in 2021[7] - Gross profit for the year was HKD 81,095,000, representing a decline of 21% from HKD 102,632,000 in the prior year[4] - The company recorded a consolidated loss before tax of HKD 446,061,000, indicating challenges in profitability[40] - The company reported a net loss of HKD 465,994,000 for the year 2022, compared to a profit of HKD 1,357,290,000 in 2021[77] Revenue Sources - The company reported total revenue of HKD 3,301,312,000 from resource investments, with a significant contribution from external customers[40] - The company’s resource trading segment generated revenue of HKD 315,355,000, contributing to its diversified income streams[40] - Total revenue from financial assets at fair value through profit or loss was HKD 288,078,000 in 2022, down from HKD 646,759,000 in 2021, representing a decrease of approximately 55.6%[62] - The total revenue from external customers for the year ended June 30, 2022, was HKD 564,600,000, with significant contributions from China (HKD 335,300,000) and Hong Kong (HKD 10,682,000) [59] Assets and Liabilities - The company's total assets decreased to HKD 4,471,917,000 from HKD 4,937,783,000, a decline of 9.4%[22] - Total liabilities increased to HKD 421,686,000 from HKD 114,190,000, a significant rise of 269%[21] - The total assets of the company amounted to HKD 4,471,917,000, with major investments and financial services accounting for HKD 368,031,000[42] - The total liabilities of the company were HKD 421,686,000, with significant obligations in trade and other payables[42] Expenses and Costs - Administrative expenses decreased to HKD 62,278,000 from HKD 111,267,000, a reduction of 44%[4] - Employee costs, including salaries and allowances, amounted to HKD 25,668,000 in 2022, down from HKD 80,703,000 in 2021, reflecting a decrease of approximately 68.2%[66] - The total cost of goods sold recognized as an expense was HKD 259,206,000 in 2022, down from HKD 459,983,000 in 2021, indicating a decrease of approximately 43.6%[66] Foreign Exchange and Impairment - The company reported a significant foreign exchange loss of HKD 144,157,000 compared to a gain of HKD 155,570,000 in the previous year[10] - The company reported a net foreign exchange loss of HKD 22,097,000 for the year [56] - The impairment loss recognized on interests in associates was HKD 465,369,000 in 2022, compared to an impairment gain of HKD 580,014,000 in 2021[79] - The company reported a fair value loss of HKD 37,668,000 on trade receivables in 2022, compared to a loss of HKD 3,498,000 in 2021[62] Investments and Acquisitions - The group completed the acquisition of 100% of the issued share capital of Allied Properties Resources Limited for approximately HKD 102,582,000, which holds a 25.83% stake in Dragon Resources Limited[141] - On March 18, 2022, the group completed the acquisition of 100% of the issued share capital of Baowen Limited for HKD 75,000,000, which holds a 45% stake in Huaneng Shouguang Wind Power Co., Ltd.[142] - The company holds a 46.3% interest in Tanami Gold, which has a cash balance of AUD 33,000,000[100] - The fair value of investments in Mount Gibson and Metals X decreased to HKD 956,057,000 and HKD 246,730,000 respectively, which may impact impairment losses for the year ending June 30, 2023[150] Strategic Outlook - The company plans to conduct flexible investments in selected commodities while continuing to seek long-term investment opportunities that can generate substantial returns[155] - The company maintains a cautious outlook on commodity and stock market prospects due to ongoing inflation control measures by the US Federal Reserve and China's dynamic zero-COVID policy[154] - The company has implemented measures to minimize risks related to COVID-19, ensuring business operations continue safely[148] Corporate Governance - The financial statements for the year ending June 30, 2022, have been reviewed by the audit committee[159] - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending June 30, 2022[158] - The board recommends adopting new bylaws to align with the core shareholder protection levels outlined in the listing rules appendix three[162]
亚太资源(01104) - 2022 - 中期财报
2022-03-18 08:36
Economic Outlook - The company is navigating the ongoing COVID-19 pandemic, with Hong Kong experiencing its fifth wave, but experts do not foresee a long-term impact on economic activity [13]. - Global inflation is rising due to a focus on goods consumption rather than services, with financial markets predicting 5 to 7 rate hikes by the US Federal Reserve in 2022 [13]. - Chinese economic data has been muted in 2021, but the government has shifted towards economic stability and monetary easing, which includes lowering policy rates and increasing government bond issuance [13]. - The company expresses cautious optimism regarding the outlook for the Chinese economy following a challenging year in 2021 [13]. - Geopolitical tensions, particularly between Russia and Ukraine, pose risks to commodity markets, especially for oil, gas, coal, aluminum, and wheat [13]. - The company is cautious on the outlook for equities in 2022 due to the US Federal Reserve lifting rates, but China's easing cycle may support commodity demand [99]. Financial Performance - APAC Resources reported a net loss attributable to shareholders of HK$275,329,000 for the six months ended 31 December 2021, compared to a net profit of HK$1,177,467,000 for the same period in 2020 [19]. - The loss included a significant impairment of HK$752,976,000 related to Mount Gibson Iron Limited, partially offset by gains of HK$342,584,000 from the change in fair value of Metals X Limited [19]. - Excluding non-cash items, the underlying segment profit was HK$287,865,000, driven by a strong performance in the Resource Investment division, which generated a segment profit of HK$212,830,000 [19]. - The net attributable loss from primary strategic investments for 1H FY2022 was HK$105,467,000, compared to a net profit of HK$151,048,000 in 1H FY2021 [20]. - Total revenue for the six months ended December 31, 2021, was HK$82,917,000, a decrease of 72.9% compared to HK$306,598,000 for the same period in 2020 [107]. - Gross profit for the same period was HK$57,114,000, representing an increase of 6.3% from HK$53,421,000 in the previous year [107]. - The company reported a loss attributable to owners of the company of HK$275,329,000 for the six months ended December 31, 2021, compared to a profit of HK$1,177,467,000 in the same period of 2020 [109]. - The company reported a significant increase in other gains and losses, totaling HK$557,791,000 for the period, compared to HK$415,621,000 in the previous year [107]. Investment Strategy - APAC Resources is cautious heading into 2022 due to weakness in financial markets related to tightening monetary policy, despite a tight supply-demand balance for several commodities [17]. - The company is focusing on low carbon industries, including electric vehicles, battery metals, and renewable energy, while also selectively considering "old economy" commodities like coal [17]. - The company plans to adopt a cautious investment approach in the short term while seeking quality investment opportunities that can yield substantial long-term returns [104]. - The largest investment is in Mount Gibson, which is ramping up production at the Koolan Island mine, positioning for strong free cash flow generation in the coming years [100]. - The company remains selective with investments in the near term, focusing on high-quality opportunities for long-term attractive returns [100]. Commodity Market Insights - Mount Gibson Iron Limited suspended operations at the Shine Iron Ore Project in November 2021 due to falling iron ore prices and high freight costs [21]. - The Koolan Island Restart Project achieved commercial production in June 2019 and has 21 million tonnes of 65.5% Fe reserves, with plans to increase production in the second half of FY2022 [22]. - The Platts IODEX 62% CFR China index fell from approximately US$210 per dry metric tonne in July to US$80 per dry metric tonne in November, currently around US$135 per dry metric tonne [28]. - Mount Gibson reported a net loss after tax of A$66 million for 1H FY2022 from sales of 0.7 million tonnes [28]. - Sales guidance for FY 2022 is set at 2 million tonnes, with 1.7 million tonnes expected from Koolan Island [28]. - The average benchmark market selling prices of clean coking coal products increased by approximately 78% year-on-year in 2021 [38]. - Tin prices rose from US$32,600 per tonne to around US$43,500 per tonne during the first half of FY2022, driven by low inventory levels [41]. Financial Position and Liabilities - As of 31 December 2021, non-current assets totaled HK$2,568,937,000, while net current assets amounted to HK$1,774,214,000, with a current ratio of 5.2 times [60]. - The company had borrowings of HK$118,771,000 as of 31 December 2021, with undrawn banking facilities amounting to HK$433,942,000 [61]. - The Group's current assets net value was HK$1,774,214,000, a decrease from HK$2,076,671,000 as of June 30, 2021, with a current ratio of 5.2 times compared to 20.7 times previously [64]. - The Group's borrowings (excluding lease liabilities) stood at HK$118,771,000 as of December 31, 2021, with unused bank financing amounting to HK$433,942,000 [65]. - The company recognized dividends payable of HK$260,425,000 as of December 31, 2021, compared to no dividends payable as of June 30, 2021 [114]. - Current liabilities increased significantly to HK$421,027,000 from HK$105,250,000, marking a rise of approximately 300.3% [114]. - Total liabilities rose to HK$430,737,000 compared to HK$114,190,000, indicating an increase of around 276.5% [114]. Operational and Segment Performance - The Group operates through three reportable segments: Commodity business, Resource investment, and Principal investment and financial services [147]. - Segment revenue from external customers for the six months ended 31 December 2021 was HK$82,917,000, which includes HK$61,835,000 from commodity business and HK$21,082,000 from interest income [155]. - The gross sales proceeds from resource investment amounted to HK$1,872,906,000 for the same period [155]. - The company experienced an impairment loss of HK$759,867,000 on interests in associates for the six months ended December 31, 2021 [107]. - The share of results of associates showed a profit of HK$105,439,000, recovering from a loss of HK$151,659,000 in the previous year [122]. - The company recorded a consolidated profit before taxation of HK$1,179,203,000 [164]. - The company experienced a reversal of impairment loss on interest in an associate amounting to HK$580,014,000 [164]. Employee and Corporate Governance - The total remuneration and pension contributions for the first half of FY2022 amounted to HK$22,161,000, an increase from HK$19,244,000 in the first half of FY2021 [71]. - The Group has 15 employees as of December 31, 2021, unchanged from June 30, 2021 [71]. - The Group's operational risks are managed through robust internal controls and regular evaluations by the internal audit team [80].
亚太资源(01104) - 2022 Q2 - 季度业绩
2022-02-28 14:30
Revenue Performance - Revenue from commodity trading for the six months ended December 31, 2021, was HKD 61,835,000, a decrease of 78.1% from HKD 283,184,000 in the same period of 2020[2] - The group reported total revenue of HKD 82,917,000 for the six months ended December 31, 2021, a decrease of 73% compared to HKD 306,598,000 in the same period of 2020[30] - Total revenue from external customers for the six months ended December 31, 2021, was HKD 1,629,816,000, a decrease from HKD 2,408,680,000 in the same period of 2020[51] Profit and Loss - The company reported a loss attributable to owners of HKD 275,329,000 for the six months ended December 31, 2021, compared to a profit of HKD 1,177,467,000 in the prior year[2] - Basic and diluted loss per share was HKD 22.6, down from earnings of HKD 96.6 per share in the previous year[2] - The consolidated loss before tax was HKD 265,980,000[43] - The company reported a significant increase in the cost of goods sold, amounting to HKD 23,521,000 for the six months ended December 31, 2021, compared to HKD 253,177,000 in the previous year[56] Assets and Liabilities - Total assets as of December 31, 2021, were HKD 4,764,178,000, a decrease from HKD 4,937,783,000 as of June 30, 2021[6] - Non-current assets decreased to HKD 2,568,937,000 from HKD 2,755,862,000, indicating a decline of 6.8%[6] - Current assets increased to HKD 2,195,241,000 from HKD 2,181,921,000, showing a slight increase of 0.6%[6] - The total liabilities were HKD 430,737,000, including HKD 260,425,000 in payable dividends[44] Equity and Share Capital - The company’s equity attributable to owners decreased to HKD 4,333,441,000 from HKD 4,823,593,000, reflecting a decline of 10.2%[24] - The total issued and paid-up share capital increased to HKD 3,000,000,000 as of December 31, 2021, from HKD 2,000,000,000 on July 1, 2021[76] - A total of 83,231,695 warrants were exercised, raising approximately HKD 99,878,000, with HKD 83,232,000 credited to share capital[77] Investments and Fair Value - The company reported a net gain from fair value changes of financial assets amounting to HKD 341,728,000[43] - The company’s share of losses from associates was HKD 759,867,000, with an additional impairment loss of HKD 105,439,000[43] - The company recorded a fair value loss of HKD 49,552,000 for financial assets measured at fair value through profit or loss[51] - The company recorded a fair value gain of HKD 41,918,000 from its investment in Shougang Fushan Resources Group Limited as of December 31, 2021[93] Segment Performance - The group operates three reportable segments: commodity trading, resource investment, and financial services[35] - Excluding non-cash items, the company recorded a segment profit of HKD 287,865,000, driven by strong performance in the resource investment segment, which generated a segment profit of HKD 212,830,000[81] - The commodity business recorded a segment profit of HKD 50,192,000 in the first half of the fiscal year 2022, compared to HKD 28,658,000 in the same period of fiscal year 2021[109] - The major investment and financial services segment reported a segment profit of HKD 24,843,000 in the first half of fiscal year 2022, down from HKD 58,249,000 in the same period of fiscal year 2021[110] Employee and Administrative Costs - Employee costs, including directors' remuneration, increased to HKD 25,127,000 for the six months ended December 31, 2021, from HKD 22,084,000 in the previous year[56] - Total employee compensation and retirement contributions for the first half of fiscal year 2022 were HKD 22,161,000, an increase from HKD 19,244,000 in the same period of fiscal year 2021[117] Future Outlook and Strategy - The company has not disclosed specific future outlook or guidance in the provided content[2] - The company plans to regularly review its investment strategy and seek potential investment opportunities to maximize shareholder value[134] - The company maintains a cautious outlook for the stock market in 2022 due to the backdrop of interest rate hikes by the US Federal Reserve and geopolitical risks stemming from the COVID-19 pandemic[135] - The company plans to continue a prudent investment strategy in the short term while seeking quality investment opportunities that can yield substantial long-term returns[135]
亚太资源(01104) - 2021 - 年度财报
2021-10-27 08:47
Financial Performance - For the fiscal year ending June 30, 2021, the company reported a net profit attributable to shareholders of HKD 1,357,290,000, a significant recovery from a net loss of HKD 429,401,000 in the previous fiscal year[26]. - The company's consolidated profit from resource investment, commodity business, and major investment and financial services segments was HKD 616,375,000 for the fiscal year[26]. - The company proposed a final dividend of HKD 0.10 per share and a special dividend of HKD 0.10 per share, reflecting strong performance[23]. - The total reserves available for distribution to shareholders as of June 30, 2021, amount to HKD 1,266,534,000, an increase from HKD 989,051,000 in the previous year[118]. - The commodity trading business recorded a profit of HKD 55,905,000 in fiscal year 2021, recovering from a loss of HKD 5,912,000 in 2020[51]. Resource Investment and Commodities - The resource investment segment achieved a profit exceeding HKD 500,000,000, driven by strong iron ore prices, leading to a reversal of impairment losses of HKD 580,014,000 related to Mount Gibson Iron Limited[20]. - The fiscal year saw strong commodity prices supported by pent-up demand as economies began to reopen[20]. - The company highlighted the importance of government fiscal stimulus measures in driving infrastructure spending, which has further supported commodity prices[20]. - Resource investment recorded a fair value gain of HKD 448,111,000 in the fiscal year 2021, compared to HKD 42,317,000 in 2020, resulting in a segment profit of HKD 510,268,000[41]. - The commodity segment reported a fair value gain of HKD 161,539,000, with a book value of HKD 490,627,000 as of June 30, 2021, compared to HKD 189,224,000 in 2020[45]. Economic Outlook - The global economic recovery remains uncertain due to the ongoing impact of COVID-19 variants, but the company maintains a cautiously optimistic outlook[21]. - The company noted that the Chinese economy is facing challenges due to the Delta variant, which has affected manufacturing and exports, as reflected in the weak purchasing manager index[23]. - The company remains optimistic about the medium-term outlook for tin due to increasing demand from the semiconductor and electric vehicle sectors[40]. Investments and Acquisitions - The main strategic investments included Mount Gibson and Tanami Gold, with a share of net profit from these investments amounting to HKD 130,374,000 for the fiscal year[27]. - The group acquired a 29.83% stake in Mabuhay Holdings Corporation for approximately USD 4,000,000 on June 18, 2021, making Mabuhay an associate company[73]. - The group completed the acquisition of Allied Properties Resources Limited for HKD 102,581,817.50, which included a shareholder loan of HKD 412,260,366, on August 13, 2021[74]. Risk Management and Compliance - The group has established a comprehensive risk management framework to address market, credit, and liquidity risks[60]. - The group has implemented various measures to minimize risks related to the COVID-19 pandemic, ensuring business continuity and employee safety[70]. - The company emphasizes compliance with applicable laws and regulations, including the Securities Listing Rules of the Hong Kong Stock Exchange[113]. Corporate Governance - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors[177]. - The company has adopted improved corporate governance procedures and has complied with the applicable code provisions for the fiscal year ending June 30, 2021[176]. - The roles of the chairman and CEO are clearly separated, with Arthur George Dew as chairman and Andrew Ferguson as CEO[190]. - The board has established multiple committees, including the nomination committee, remuneration committee, audit committee, and executive committee, each with clearly defined terms of reference[198]. Employee and Compensation - As of June 30, 2021, the group had a total of 15 employees, with total compensation and pension contributions amounting to HKD 64,097,000, a significant increase from HKD 12,868,000 in the previous fiscal year[59]. - The company has established a compensation policy based on employees' education, qualifications, and abilities, following the guidelines of the Listing Rules[155]. Shareholder Information - The company will suspend the transfer of shares and warrants from November 29, 2021, to December 2, 2021, to determine voting eligibility for the annual general meeting[106]. - The company has maintained sufficient public float as per the listing rules as of the report date[170]. - Major shareholders include Shougang Fushan Resources Group Limited with a 17.64% stake and the Union Group with a 39.90% stake[145].
亚太资源(01104) - 2021 - 中期财报
2021-03-19 08:45
Economic Recovery and Market Outlook - The company reported a gradual recovery reflected in high-frequency data and forward-looking PMI numbers, despite ongoing challenges from COVID-19[12]. - By early February 2021, approximately 120 million vaccine doses had been administered globally, with expectations for continued vaccination efforts over the next six months[12]. - Chinese GDP has returned to pre-COVID-19 levels, marking it as the fastest major economy to recover from the pandemic[12]. - The majority of governments are maintaining supportive fiscal and monetary policies, with the US proposing an additional US$1.9 trillion coronavirus relief package[12]. - The outlook for the global economy is optimistic due to the expected rollout of COVID-19 vaccinations, which is anticipated to facilitate a wider economic reopening[111]. Financial Performance - APAC Resources reported a net profit attributable to shareholders of HK$1,177,467,000 for 1H FY2021, a significant increase from HK$46,939,000 in 1H FY2020[19]. - The profit was primarily driven by HK$336,641,000 from the Resource Investment division and HK$580,014,000 from the reversal of impairment loss related to Mount Gibson Iron Limited[19]. - Profit before taxation surged to HK$1,179,203,000 for the six months ended December 31, 2020, compared to HK$48,051,000 in the previous year, indicating strong operational performance[118]. - The profit attributable to owners of the company for the period was HK$1,177,467,000, a substantial increase from HK$46,939,000 in the same period of 2019[120]. - Total comprehensive income for the period attributable to owners of the company was HK$1,369,661,000, compared to HK$48,010,000 in the previous period[130]. Commodity and Resource Investments - The strong recovery in China's manufacturing sector has contributed to a significant rebound in commodity prices, which supports the company's business[12]. - The Platts IODEX 62% CFR China Index increased to the US$120/dmt range for much of 1H FY2021, reaching close to US$170/dmt in January 2021[28]. - The strong iron ore prices are attributed to high Chinese steel production and supply issues, with expectations for normalization in the medium term[28]. - The resource investment division reported a rebound in the resource sector during the first half of FY2021, with small-cap resource stock indices averaging a performance of 63%[51]. - The precious metals segment recorded a fair value gain of HK$69,963,000, with gold prices increasing by 6% during the first half of FY2021[52]. Cash Flow and Financial Position - As of 31 December 2020, non-current assets amounted to HK$2,735,769,000, and net current assets were HK$1,948,107,000, reflecting a current ratio of 32.9 times[69]. - The Group had borrowings of HK$Nil as of 31 December 2020, with undrawn banking facilities amounting to HK$181,356,000[70]. - The Group's current assets net value was HK$1,948,107,000, up from HK$1,506,047,000 as of June 30, 2020, with a current ratio of 32.9 times[73]. - Total assets reached HK$4,744,885,000, compared to HK$3,526,631,000, marking a growth of approximately 34.5%[137]. - Cash and cash equivalents at the end of the period were HK$429,506,000, down from HK$564,154,000 year-over-year[156]. Investment Strategy and Dividends - APAC Resources has not declared a dividend due to current global economic uncertainties, with plans to reassess the dividend policy based on future economic outlook[16]. - The company plans to regularly review its investment strategy to mitigate risks associated with market volatility and seek potential investment opportunities to maximize shareholder value[107]. - An interim dividend of HK$0.10 per share was declared, amounting to approximately HK$121,889,000, which was paid in cash during the six months ended December 31, 2020[102]. Operational Highlights - Mount Gibson reported a net profit after tax of A$75 million for 1H FY2021 from sales of 2.3 million tonnes[28]. - Mount Gibson ended 1H FY2021 with a robust cash reserve of A$436 million, equivalent to A$0.37 per share[28]. - Northern Star produced 479,000 ounces of gold in 1H FY2021, generating underlying free cash flow of A$225 million, with a production target of 1,000,000 ounces for FY2021, reflecting a 10% YoY growth[54]. - The Renison mine produced 2,163 tonnes of tin in 1H FY2021, up 17% year-on-year, with an average realized tin price of A$22,935 per tonne, up 3% year-on-year[40]. - The company is focusing on low carbon industries, including electric vehicles and renewable energy, as a long-term growth area[15].
亚太资源(01104) - 2020 - 年度财报
2020-10-16 08:51
Financial Performance - The overall profit for the resource investment segment was HKD 63,356,000 for the fiscal year ending June 30, 2020[12]. - The main investment and financial services segment recorded a solid profit of HKD 57,851,000[12]. - The company reported a net loss of HKD 429,401,000, primarily due to a non-cash impairment loss of HKD 580,014,000 related to an investment in Mount Gibson Iron Limited[12]. - For the fiscal year ending June 30, 2020, the company reported a net loss attributable to shareholders of HKD 429,401,000, compared to a net profit of HKD 608,432,000 for the fiscal year ending June 30, 2019[15]. - The company's main strategic investments generated a share of profit of HKD 145,377,000 in the fiscal year 2020, down from HKD 271,659,000 in the previous fiscal year[16]. - The commodity trading business incurred a loss of HKD 5,912,000 in fiscal year 2020, compared to a loss of HKD 3,808,000 in the previous year[37]. - The major investments and financial services division reported a profit of HKD 57,851,000, an increase from HKD 47,371,000 in fiscal year 2019[38]. Market Conditions - Iron ore prices fluctuated, reaching a recent high of USD 120 per ton at the beginning of the fiscal year, but remained weak for most of the year until recovering at the end of June 2020[12]. - Global economic conditions were severely impacted by the COVID-19 pandemic, with GDP figures declining by 30% to 40% in major economies during March and April 2020[8]. - Geopolitical tensions and uncertainties from the COVID-19 pandemic are expected to create a bumpy outlook for the global economy[10]. - The global economic outlook remains uncertain due to the ongoing COVID-19 pandemic, with potential recovery dependent on vaccine development and government support measures[65]. Investment Strategy - The company identified opportunities in selected commodities, particularly precious metals, amidst the challenging market environment[12]. - The company plans to regularly review its investment strategy to mitigate risks associated with market fluctuations, including commodity prices and geopolitical conditions[63]. - The company will continue to adopt a defensive and prudent investment strategy in the short term while seeking high-quality investment opportunities that will generate substantial long-term returns[66]. - The company has not made any significant investments or acquisitions during the fiscal year ending June 30, 2020, nor does it have any major capital asset plans[59]. Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the fiscal year 2020 despite the net loss[13]. - The company declared an interim dividend of HKD 0.10 per share for the year ending June 30, 2020, consistent with the interim dividend for the previous year[91]. - The company remains committed to delivering shareholder returns despite the challenges faced during the fiscal year[13]. Cash and Reserves - The company held significant cash reserves of AUD 423 million, equivalent to AUD 0.36 per share, as of the end of the fiscal year 2020[18]. - The company plans to utilize approximately HKD 244,000,000 to enhance its strength in the resource sector[42]. Operational Performance - Mount Gibson recorded a sales volume of 4.9 million tons and a net profit after tax of AUD 84 million for the fiscal year 2020[18]. - The cash cost per ton for Mount Gibson in the fiscal year 2020 was AUD 72, with a target cash cost of AUD 60 to 65 per ton for the fiscal year 2021[18]. - The Renison mine produced 3,591 tons of tin in the fiscal year 2020, with an average tin price of AUD 21,466 per ton, down 13% year-on-year[24]. - Northern Star produced 905,000 ounces of gold in fiscal year 2020, with a target of 1 million ounces for fiscal year 2021, representing a 10% year-on-year growth[29]. - Westgold Resources produced 235,150 ounces of gold in fiscal year 2020, an 8% decrease from the previous year, with a target of 270,000 to 300,000 ounces for fiscal year 2021[30]. Corporate Governance - The company is committed to maintaining high levels of corporate governance to enhance shareholder value[156]. - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors[158]. - The company has adopted improved corporate governance procedures and complied with applicable code provisions for the fiscal year ending June 30, 2020[157]. - The board is responsible for annually reviewing the effectiveness of the group's risk management and internal control systems, which include financial, operational, and compliance monitoring[198]. Risk Management - The group has established systems and procedures to identify, assess, and manage risks associated with its business activities[198]. - The internal audit department reports to the chairman of the board and the Audit Committee, providing independent assessments of the adequacy and effectiveness of the risk management and internal control systems[199]. - The board believes that the risk management and internal control systems are effective and sufficient for achieving the company's objectives[198]. Related Party Transactions - The group has engaged in related party transactions, complying with the disclosure requirements under the listing rules[136]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[146].